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Evotec AG (EVTG.F) And Convergence Pharmaceuticals Form Integrated Pain Alliance


3/31/2014 10:10:41 AM

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HAMBURG, Germany, March 31, 2014 (GLOBE NEWSWIRE) -- Evotec AG (Frankfurt:EVT) (TecDAX) (ISIN:DE0005664809) today announced that it has entered into a research alliance with Panion Ltd, a subsidiary of Convergence Pharmaceuticals Holdings Ltd. Convergence is a UK company focused on the development of novel, high value analgesics to treat chronic pain. Panion Ltd has been awarded a £ 2.4 m Technology Strategy Board Biomedical Catalyst Early Stage Round 2 grant to discover and develop compounds against a novel GPCR pain target. Evotec will be responsible for undertaking key drug discovery activities and will work closely with the Convergence team in identifying pre-clinical candidates over the next three years. Subsequently, and upon meeting certain pre-clinical milestones, Convergence and Evotec will jointly progress the assets further into the clinic or via partnering. Further financials remain undisclosed.

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